Exxon CEO's Solution on Shares: Drill Big, Drill Better
- As stock slumps, Woods sees a chance for longer term gains
- Buybacks will come only with excess cash as projects grow
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Darren Woods is mounting a strong defense of his plan to rescue Exxon Mobil Corp. from its share-price slump with $200 billion of investment over seven years that’s at odds with the belt-tightening undertaken by rivals.
Woods’ solution, outlined in a Wednesday interview, is to invest heavily in mega-projects that he says are so low cost they’ll dominate oil and natural gas markets for decades to come. Share buybacks will come only if there’s excess cash, the chief executive officer said, ahead of a speech on the company’s strategy at Exxon’s annual meeting on May 30.